Social Security – Social Security Administration Announces Cost of Living Increases for 2017

The Social Security Administration (SSA) has announced a 0.3 percent cost-of-living adjustment (COLA) for Social Security and Supplemental Security Income (SSI) benefits in 2017. The Social Security Act provides for annual COLA increases based on inflation as measured by the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). Because the CPI-W only rose slightly over the last year, the 2017 COLA will only increase benefits slightly. According to SSA, the average monthly Social Security benefit for a retired worker will increase by $5, from $1,355 in 2016 to $1,360 in 2017. The average monthly benefit for a Social Security “disabled worker” beneficiary will increase by $4, from $1,167 in 2016 to $1,171 in 2017. In addition, the SSI Federal Payment Standard will increase from $733 per month in 2016 to $735 per month in 2017. Important work incentive thresholds for Social Security and SSI beneficiaries with disabilities will also increase, including the Substantial Gainful Activity level and the Trial Work Period earnings level. View SSA’s fact sheet for more details on the 2017 Social Security COLA and visit Medicare.gov for more information on Medicare costs in 2017.